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the expenditures, deficits and surpluses, we end up with a net of almost $19 million short. the pending supplementals, both approved and pending before the board of supervisors amount to 6.4 million to the general fund. and then the use of the general re serve of 32.2 million. we are assuming you will need to use all of that reserve in order to balance the budget. and then the deposits to reserves, because of our increases to revenue, amount to 11 million. so, that brings us to a projected fund balance estimate of 174 million. as i mentioned before, 103 million of that was already committed to the year two. and the replenishment of the general re serve that we will be using this year needs to be incorporated in next year's budget, leaving us with a projected surplus of $38 million. so, the next slide provides you with a summary of our major tax revenue in the city and it shows you where the bulk of that surplus 72 million come from. and that is property transfer taxes, about $21 million over the budget as we are taking a look at the cash we've received thus far and estimating how much a
for us in terms of shortfalls. we projected a $5 76 million deficit. i think it's notable, to me it's notable about this table is that this is the -- this year with $129 million shortfall is really the best budget outlook we've had since fiscal 2007 and 2008. and it's -- we have climbed out of a significant hole. the mayor in december gave instructions to departments, asking them to reduce their ongoing general fund support by 3% over the next two years. so, 1-1/2% in each year. it's important to remember that 1-1/2% is only about $19 million. so, department solutionseses will always be a part of how the city balances its budget, but it certainly will not be the only way that we balance our budget. these are just more policy oriented instructions focusing on core functions, minimizing surface impacts. one of the things we're really interested in looking at is how are departments utilizing data to find opportunities for greater efficiency and to democrat on stray the effectiveness of their programs. and then of course to engage with their stakeholders. the last slide is the calendar
to close that deficit. the public defender, however, we do not believe that the public defender will be able to close his deficit and this is entirely in the area of sail. -- salaries. as was talked about last week, there are a number of vacancies that the public defender has that the controller's office is now holding vacant because of the existing deficit. so, unless there is a supplemental appropriation of additional general fund money to the public defenders office, we in the controller's office have the authority and responsibility to hold any additional spending until there is such policy from the mayor and the board of supervisors. emergency management will likely be able to close their doctor this deficit with holding positions vacant and some of their operating expenses. so, taken together, all these net shortfall departments represent a shortage of about $51.3 million. and then the bottom half of that table identifies the surplus department. and, so, the human services agency has seen a significant reduction in their expenses in the current year. and then beyond that,
. we can do it while shrinking our deficit. begin a have to choose. we just need to make smarter choices. last year both parties work together to reduce the deficit by more than 2.5 trillion dollars. up at a store the goal of 4 trillion dollars to stabilize -- that is helping us reach the goal of $4 trillion to stabilize the deficit. we cannot for senior citizens and working families to bear the burden of deficit reduction while the wealthiest are asked to do nothing more. that will not work. we cannot cut our way to prosperity. i propose a balanced approach to bring down the cost of healthcare and getting rid of tax lee pulls -- tax loopholes. we should pursue bipartisan comprehensive tax reform that encourages job creation and helps bring down the deficit. we know what we need to do. the steps are common sense. it will help grow our economy and strengthen our middle class. in the coming weeks and months, our work will not be easy. but america only moves forward when we do so together. when we accept our obligation to one another and to the future generations. that is the americ
've made in our budget deficit projection, we're assuming we will want to have a state reserve so that costs us money those years. we assume that some of the one-time sources that we may have used to balance the budget last year are not available and then we have revenue growth in the general fund. and i have assumed that there will be about $50 million of revenue growth and -- in the first year and 128 million in the second year. on the expenditure side, what you can see is that our costs are growing largely because of personnel related costs. so, this is slide 9. the first line, so, $8.8 million of costs greater than what we -- what you adopted in the budget last year. but recall that the budget we adopted for the second year already had $90 million of wage and benefit growth for our existing employees on the general fund. so, essentially what that means is that in 13-14 it will cost us $100 million to have the same employees that we have this year and the subsequent year it will cost another $100 million. so, $200 million in growth in wage and benefits. and that's largely drive
deficits and the federal exchange subsidies alone are expected to cost $1 opinion.2 trillion and medicaid expansions are expected to reach $26.8 billion. first of all, the affordable -- 600 its $30 billion. -- $638 billion. entitlement spending. here we go, more entitlement spending. will this increase in spending with the medicaid expansions and the new exchange subsidies reduce health care costs growth as we look at the growth down the road? >> the affordable care act had a number of different pieces. the expansion of insurance coverage, we now estimates will cost $1.3 trillion over the 2013-2023 period. >> let me interrupt you there and make sure i understand, $1.3 trillion more than what was anticipated in previous outlooks of the program, is that correct? >> i'm saying that the costs of the coverage expansion relative to a world that did not have that coverage expansion. extra costs of $1.3 trillion. we have had many changes to the coverage expansion but netted out to very little change on balance for any given period of years. our estimates through 2019 are now actually slightly bel
payoff toward the courthouse construction fund is retired. we will close that deficit. and, so, that deficit will be closed. it's a cumulative amount that is reducing every year and we estimate, i think, in three years that should be cleared. the open space fund will end a year with about $3 million, 3.6 within dt. and a negative 1.1 for central shops. what that means for central shops is unless they reduce their costs, that deficit then will be built into their rates to the departments for maintenance of vehicles in next fiscal year. and then finally some of the large enterprise departments, the airport operating fund has a healthy deficit of about $82 million -- excuse me, a surplus, fund balance of $82 million. mta, 57 million, port 30, and the three funds within the puc, hetch hetchy wastewater and the water operating fund are reported here. so, in summary, the local tax revenue is a primary driver of our net good condition. the five-year financial plan and the nine-month report will further inform the mayor and the board of supervisors of any changes that are anticipated.
the array of new initiatives will not add a dime to the deficit. >> nothing i am proposing should increase deficit by a dime. >> healthcare reform will not add a time to deficit. >> top white house aides say the president can cover the new ideas. and pay down the debt. by redirecting existing funds and wiping out tax loopholes and deductions. >> he will pay for this and have deficit reduction beyond paying for proposals. >> the top democrats tell fox in meetings before the "state of the union," white house officials privately said they are planning a multi-weak campaign outside the beltway. they are serve the economy is stalling again. today, new report found retail sales edged up disappointing .1% in january from december. commerce department resealed in december, they restock the inventory at the slowest pace since june. a sign sales are getting weak. this is why the president is focused on stimulus. >> why we are seeing signs of solid progress, the car sales are up. housing is starting to recover. we're a ways away from we need to be. >> last night's president offered up more of the sam
of those for the purpose of deficit reduction. that is what our plan does in the short term and that is what it would do in the long term. we hope we can have an opportunity to have an up and down vote on the plan that we have put forward. at least two or three times we are going to be asking for a vote in the rules committee for that proposal. i hope we can have an opportunity to have a free flow of debate and ultimately a vote. thank you mr. chairman. >> i would love to begin the debate right now but we have a hearing to get into. the floor is yours. >> thank you mr. chairman. i appreciate the opportunity to be here today and discuss with you cbo's outlook for the budget and economy for the next 10 years. are analyzing shows that the country continues to debate a very large economic challenges. i will discuss the economy first and then i will turn to the budget. we anticipate economic growth will remain slow this year because of the gradual improvement in underlying economic factors will be offset. the good news is that the effects of the financial and housing prices appea
acknowledge must be dealt with. we've got a deficit that needs to be brought down. we've got an economy that needs growth. -- growth. and this is one of those areas, up with of those committees where we need to have this debate. we're going to be processing legislation, we're going to be considering alternatives and i want to say on behalf of those of us on this side of the aisle, we look forward to engaging our friends on the other side of the aisle in the collegial and comity way we have. with that, welcome to today's hearing. thanks again, dr. elmendorf, doug, for coming and testifying. i want to thank you for your -- your staff for putting together the latest budget and economic outlook. we understand you had a bit of a time crunch given the end of the year episode that occurred and i wanted to say that you didn't miss much of a deadline and you put out your baseline and outlook in a fairly quick form, given the circumstances you had to contend with. i'm sorry to say, though, that things don't look good. the c.b.o. says our economy will grow by only 1347b9% this year. unemployment w
." his new e book is called here's the deal washington can solve the deficit and spur growth. he's at the columbia business school and economic advisors during joarnlings w. bush's first charym. robert altman served as deputy treasury secretary during president clinton's first term. let me begin with roger altman in boston. we're taking this before the state of the union address but the economy's not going to change that much between now and then. and i assume you have an idea of what the president is going to say. was it important for the president to say? >> well, i have not seen the speech charlie, but i would like to see a pathway to agreement on the tax and spending issues which have preoccupied washington now for the ug long es period in the past three months and facing us with the sequester of the continuing resolution and so forth. do i expect to see that pathway in other words in the real world? i don't. i think the presidencies himself as riding high. he won the election decisively. he got a deal on his terms as the whitehouse sees it on the fiscal cliff. he got the rep
voters reacted to. in particular, deficit. when barack obama said it was not going to add a dime to have deficit there is a positive reaction among republicans and democrats. let's take a look at that clip. >> nothing i'm proposed tonight should increase our deficit by a dime. it is not a bigger government we need but a smarter government that sets priorities and invests in broad-based growth. that is what we should be looking for. >> there were rare moments when republicans and democrats azbreed i want to ask one question. do you believe him that his policies will not add to the deficit? do you believe it?. >> no. no. >> why don't you believe it?. >> look at the deficit. it keeps growing spiralling out of control continuing to grow. i don't see evidence it's going the other way. >> he made a commitment it won't go up. >> he's got to come up with it. >> he said $3,000 for people to refinance their homes we'd get a tax break for that. but he didn't tell us where it's going to come from. >> i believe he is believing what he wants to do. and he wants to do the best thing for the country. he
and whatever issues not adding to the deficit isn't that going to be the equivalent after war call to republicans? >> well owe is going to talk about the budget and not adding to the deficit as you said, neil but he is going to, once again, try to often titlement reforms as part of the so-called balanced approach that he wants to take here. neil: we're having some problem with your audio, peter. maybe we can rich that. meantime, rich edson, this is a battle republicans have to take on, or just dismiss or hope the temperment of the country will improve so they're more open to challenging this president on new spending initiatives whether they add to the deficit or not. what do you think?. >> that's it, neil. when you think of what the president is looking for here. it is not to address the deficit and address the national debt. this is issue of calling increased spending, increased spending in infrastructure. the democratic argument has been to spend on education, spend on infrastructure all these other things to help create economic growth and therefore create revenue to help close
the deficits by more than 2.5 trillion dollars. mostly through spending cuts, but also by raising tax rates on the wealthiest 1% of americans. as a result, we are more than halfway towards the goal of 4 trillion dollars in deficit reduction that economists say we need to stable highs our finances. tonight, i'll layout additional proposals fully paid for and fully consistent with the budget frame work, both parties agreed to just 18 months ago. let me repeat. nothing i'm proposing tonight should increase our deficit by a single dime. >> amazing that the president can say that with a straight face according to the treasury department since the day he accepted in the oval office, 5.8 trillion dollars and guess that, joining me with reaction we call him the great one, probably easier to get an interview with obama and the pope than to get you out of that bunker, welcome oh great one, how are you. >> i'm good, how are you, brother. >> sean: this figure, let's go to this. he says this thing is not going to add one dime to the deficit and republicans came out with an ad. let's start there. >> noth
and additional revenue to reduce the deficit. on international matters, half the 70,000 u.s. troops now in afghanistan will be home by this time next year. we knew that. he'll criticize north korea's nuclear test saying that country will not be allowed back into the international community. >> chris: i wanted to tell people what you are seeing. these are members of the cabinet. it's a remark sight, state of the union address. the entire united states government is there. the gray hiavd gentleman there in the center of the screen is the new white house chief of staff who may have the second toughest job and attorney general eric holder but the entire government is here. all of the senate and house and cabinet and joint chiefs of staff. the supreme court, it's quite a remark sight. on a slightly grizzly note, one member of the cabinet is always told to stay away to be in effect in hiding so if something should happen, there would be somebody to run the u.s. government. in this particular case it is energy secretary steven chew. i was there at the briefing that he gave today and he really
of the union" here is neil cavuto. neil: nothing ever proposing tonight should increase our deficit by a single dime. barack obama's promise to the nation tonight that it is not a bigger government we need, but a smarter government that sets priorities and invests in broadbased growth. the upshot from that centerpiece remark planned for a little more than one hour from now. the president of the united states is not going to go crazy cutting down the debt. in fact, the white house indicates today that he is largely -- he has largely done that already. the 4 trillion in budget cuts have already been largely committed to and for, and that is it. needless to say, 4 trillion is over two years, and the president's is factoring in the sequestration cuts that supposedly taken into weeks, and that is no slam-dunk. and the other cuts he is referring to are sort of rehash cuts. suffice it to say that however speeches the left, then there are the cuts. after that no more. the president's battle to rein in the debt is done. and this housing big and bigger government is on. and if republicans don't like it ,
's deficit by more than $700 billion. there are many subjects the treasury secretary must cover. not any treasury nominee can have expertise immediately in all of them. the jack has an uncanny ability to dive into a subject, learn, study, and master it in a factual and non-ideological way. i look forward to working with jack and the rest of the economic team as we continue to focus on protecting the middle- class and combating our nation's long-term economic challenges. mr. chairman, i am confident that this nominee has expertise and work ethic necessary to excel as secretary of treasury. he will not be an ordinary treasury secretary. he will be a great one in the mold of albert gallatin and alexander hamilton, another new yorker, one who i never knew. [laughter] i fully support this nomination and urge that we move as quickly as possible so the senate and confirm this nominee and he can get on with the important task necessary to continue moving this country forward economically. jack, congratulations on your nomination. >> thank you. >> thank you, mr. chairman. likewise, i'm very pleas
should increase our deficit by a single dime. also, the plan to hike the minimum wage to $9 per hour. a boot to the economy or a jobs killer? i will break it down. and, we'll president obama's latest plan keep your money safe? "the willis report" is on the case. gerri: all of that and more coming up. but first, call him the magician in chief. president obama is proposing tens of billions of dollars in new spending. he says that won't cost us a dime. now, that really is magic. fresh off the state of the union speech, the president hit the road today to push his new economic agenda that looks exactly like his old economic agenda. dozens of new federal spending programs. from the federal education program, building homes in rundown neighborhoods all over the country. the estimates of this the cost her at least $130 billion. on top of what we already owe. who really knows? not even the president. he has encountered it up. one thing we do know is that it is like pulling a rabbit out of a hat. with us now is tim huelskamp of kansas. also harvard economist. >> cut spending, not go the other
to reduce our deficit i more than $2.5 trillion. more than two thirds of that was through some really tough spending cuts. the rest of it was through raising taxes, tax rates on the wealthiest 1% of americans. together, when you take the spending cuts and increased tax rates on the top 1%, it puts us halfway to the goal of four dollars trillion -- $4 trillion in deficit reduction. thomas say we needed to stabilize finances. -- economists say we need it. congress also passed a law in 2011 saying that if both parties cannot agree agree on a plan to achieve that goal, about one trillion dollars of additional, arbitrary budget cuts would take effect this year. and the design was to make and the design was to make them so unattractive and unappealing that democrats and republicans would actually get together and find a good compromise of sensible cuts as well as closing tax loopholes and so forth. so, this was all designed to say we cannot do these bad cuts, let's do something smarter. that was the point of this so- called sequestration. unfortunately, congress did not compromise. they had to co
and says it is about to explode the deficit and there is no way you can talk about spending on things like infrastructure, kind of change initiatives come in green initiatives, all kids initiatives, and so many other initiatives. without initiating a lot bigger deficits. rand paul is here to say that not only does the math not add up, nothing of that. senator, it is great to have you. >> thank you for having me, neil. neil: or do you do now? what do you do? what you advocate republicans do? >> i think we have to point out the truth. we cannot let the president went on the country saying that he has cut the deficit by $2 trillion. well, that is absurd. we have increased our debt by $6 trillion in his first term. what did he say? bowl, because i didn't increase it, i have reduced it to trillion dollars? that is absurd. he added $6 trillion to the debt and that is just a fact. he must have listed 50 different new programs and they are not going to cost you anything. neil: the deficit immediately raised concerns as to how it will be paid for. when he mentioned about closing tax loopholes and
will go against the national mood and you and despite trillions of dollars of deficits is expected to call tonight for even higher taxes and ever more government spending. these proposals, only two weeks before the sequester, the $85 billion of automatic spending cuts is set to take effect. also, north korea's detonation of a nuclear bomb provoking widespread international condemnation. the north koreans declared an explosion to have been a response to outrageous u.s. hostility. and kate up and eating our -- meeting up in dark to get in fighting off frostbite as she posed for second consecutive sports illustrated swimsuit issue covered. fighting, she drew heart warming inspiration. tonight we begin with the president's "state of the union" address, the president's speech before a joint session of congress expected to include immigration command-and-control, climate change, and education as key themes. president obama to argue that even more federal spending and higher taxes are necessary to spur job creation and according to white house aides that president is also expected to use his spee
at all. you know, what's very clear, we've cut the deficit by $2.5 trillion. it's been bipartisan. $3 in spending cuts for every $1 of revenue. the speaker know, republicans know that the proposal the president had on the table that they walked away from, including over a trillion dollars of spending cuts, including savings. and had only about $580 billion in revenues. so, you know, there was another $1.8 trillion of deficit reduction that was on the table. $2 of that was spending cuts for every dollar of revenue. >> but gene, that proposal is -- >> so to say that the president is not serious about spending cuts and tough measures is blatantly not accurate. >> that wasn't the question. the question is, what about the new proposals he made last night? because what they're saying is, regardless of what was proposed and negotiated and never reached agreement before -- >> so, andrea -- >> -- what about the new proposals for pre-k, the new proposals for the minimum wage increase? how do you pay for the things he specified in the state of the union? >> so what the president said very clearl
. the house speaker today called that more spending, charged that on the issue of tackling the deficit and debt, quote, i don't think he has the guts to do it. he doesn't have the courage to take on the liberal side of his own party, and never has. as you see, the cabinet, i believe, those are coming into the house chamber. and basically, this is the mood. that's the mood up on capitol hill. the house speaker capturing some of that today at this breakfast. one report this week said this speech will be less a presidential olive branch than a congressional cattle prod. white house house secretary jay carney pushed back from the aggressive moniker on special report, finding out who is characterizing it more accurately. we're waiting now for the announcement of the supreme court justices to come into the house chamber. let's bring in our panel tonight, they'll be with us for the evening. juan williams, columnist with the hill. nina eastton, and charles krauthammer. and the house chamber filled, juan, it's a big night. what do you think of this night and what the president will say? >> well
are and why the deficit is where it is. so, just as a reminder to you and to members of the public who may be interested, we have currently a $7.4 billion budget, $3.5 billion in the general fund and in the current year nearly 27,000 employees. our largest revenue is the property tax and our largest cost is and as you all know, our largest department is the department of public health. * last year we moved forward with the first year of two-year budgeting for all departments. we have [speaker not understood] two-year budgets, mta, puc, [speaker not understood] and all others are rolling. which means this year again you will see all of the departments for an update, two-year budget, 13-14, 14-15, 15-16. those must balance. [speaker not understood]. so, just to refresh our memories about how we balanced the budget last year, largely revenue growth some one-time solutions, some departmental and city-wide solutions, we deferred full funding for capital funding, it funding and equipment funding in the second year of the budget which means that that's going to contribute to our deficit in the pr
in excerpts released tonight will say that none of his proposals will add a dime to deficit. this is a president who promised to cut the deficit in half. republicans are apoplectic. the divide is just steady here. the speaker talked earlier and the governor about the emotions of this gun thing. put that question to the democrat in congress. especially senate democrats up, will mary landrieu, max baucus, will they support a weapons ban. one of the reasons you talk to the american people outside of washington is when you have issues changing votes inside washington. will he be pushing the gun issue, six months, nine month, 12 months from now? >> i think he's going to end up taking half a loaf, i think. >> half a loaf? >> yeah. >> what does that mean? >> half a loaf on guns means that he'll accept universal background checks. >> he won't get -- >> he already had those. >> he'll take that. and he may not get the high capacity magazine proposal that he wants. but the question is what is the president going to be willing to compromise on, what is he not willing to compromise on? a
and beyond, number one, how he's going to pay for all of this and deal with the deficit and number two, republicans say they've heard he'll focus on the economy and other issues like health care and finally, not just the economy talking about tonight. he wants to talk about immigration, guns, other things. that can pull him off message, bret. >> the gun control issue seems to be a big issue, a number of members have guests, including ted nugent is in the audience from one republican member from texas. you have a number of members who brought gun right advocates and gun control advocates and it seems that the gun issue maybe a draw for news value tonight. >> reporter: no doubt about it, bret. and this is something that could split the president's party. he came out with a very ambitious agenda a few weeks ago, you'll remember, pushing both executive actions, as well as legislative actions and he's already seen some of that scaled back. the idea of pushing for a assault weapons ban seems like something the president might mention tonight, but he has a hard time getting through a republi
Search Results 0 to 49 of about 901 (some duplicates have been removed)